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Les prix des actifs et la stratégie de politique monétaire de la BCE
[Asset prices and the monetary policy strastegy of the ECB]

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Author Info
Dai , Meixing
Sidiropoulos, Moïse

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Abstract

Dans cet article, nous passons en revue les évolutions récentes des prix des actions et de l’immobilier ainsi que du taux de change de l’euro par rapport au dollar tout en expliquant les facteurs à l’origine de leurs fortes variations et en établissant leurs liens avec le cycle économique (croissance et inflation). Nous proposons ensuite, tout en apportant quelques points de vue qui nous sont propres, une synthèse du débat concernant la prise ou non des prix d’actifs dans la conduite de la politique dans une période caractérisée par une faible inflation et une forte volatilité. Après avoir comparé les stratégies différentes suivies par la Fed et la BCE, nous proposons que la BCE doit réagir plus rapidement en prenant plus en compte les informations données par les évolutions des prix d’actifs.

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File URL: http://mpra.ub.uni-muenchen.de/13833/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 13833.

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Date of creation: Jul 2003
Date of revision: Jul 2003
Handle: RePEc:pra:mprapa:13833

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Related research
Keywords: politique monétaire; prix des actions; prix immobilier; euro; bulle spéculative; stabilité macroéconomique; crise boursière.;

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Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

References listed on IDEAS
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  1. Ben S. Bernanke & Mark Gertler, 2001. "Should Central Banks Respond to Movements in Asset Prices?," American Economic Review, American Economic Association, vol. 91(2), pages 253-257, May. [Downloadable!] (restricted)
  2. Karl E. Case & Robert J. Shiller & John M. Quigley, 2001. "Comparing Wealth Effects: The Stock Market Versus the Housing Market," NBER Working Papers 8606, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile 101, Central Bank of Chile. [Downloadable!]
    Other versions:
  4. Stephen G. Cecchetti & Hans Genberg & Sushil Wadhwani, 2002. "Asset Prices in a Flexible Inflation Targeting Framework," NBER Working Papers 8970, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. James M. Poterba, 2000. "Stock Market Wealth and Consumption," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 99-118, Spring. [Downloadable!] (restricted)
  6. Ludger Schuknecht & Felix Eschenbach, 2002. "Asset prices and fiscal balances," Working Paper Series 141, European Central Bank. [Downloadable!]
  7. Timothy Cogley, 1999. "Should the Fed take deliberate steps to deflate asset price bubbles?," Economic Review, Federal Reserve Bank of San Francisco, pages 42-52. [Downloadable!]
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